The global private tutoring market size is expected to reach USD 171.93 billion by 2028, exhibiting a CAGR of 8.3% during the forecast period. The requisite for higher education in developing countries will subsequently improve the prospects of private tutoring, in a report, titled “Private Tutoring Market Size, Share & COVID-19 Impact Analysis, By Subjects (Academic and Non-academic), Application (Up-to K-12 and Post K-12), Mode (Offline and Online), and Regional Forecast, 2021-2028.” The market size stood at USD 92.59 billion in 2020.
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The report on the private tutoring market depicts:
• Prominent understandings of the market
• Swot Analysis of the regions
• Latest market trends and developments
• Stellar insights into the competitive landscape
• Prime data about regional players
Market Driver:
Increasing Participants in Competitive Exams to Incite Growth
The increasing competition among students has resulted in high demand for private tutoring, which will boost the market growth. The rising difficulty in level entrance exams by renowned schools or universities can create lucrative opportunities for this market. As per the Global Education Census Report 2018 published in November 2018 by Cambridge Assessment International Education, about 4 in 10 surveyed students (43%) had received private tuition outside the school worldwide, wherein in China, it accounted for more than 5 in 10 observed students (57%), followed by India (55%), and 1 in 10 students in the U.S. Furthermore, the increasing expectations of parents for high marks in academics from their children will accelerate the growth of the market. Besides, raising consciousness regarding learning in developing nations will simultaneously enable speedy expansion of the market.
Remote Teaching to Amplify Growth during Coronavirus
The temporary closure of education institutes due to the pandemic has adversely impacted the education industry. As per the article, ’The Impact of the Covid-19 Pandemic on Education Financing’, published in May 2020 by World Bank Group, the real growth in education spending per capita in all countries, as per downside forecast, was estimated to decline at a rate of -5.7% in 2020. However, the shift towards online education will consequently stabilize the market amid COVID-19. Besides, the growing popularity of online learning due to its convenience will boost the private tutoring market growth.
Regional Analysis:
Surging Demand for Coaching Classes to Augment Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest private tutoring market share during the forecast period. The growth is attributed to coaching classes' popularity primarily in China, Japan, South Korea, and Southeast Asian nations. In May 2020, the press release of Yonhap News Agency reported the results of an annual survey conducted by the National Statistics Korea and the Ministry of Gender Equality and Family. It was reported that, in 2019, about ¾th of the students received private tutoring in South Korea, wherein students spent, on an average, 6.5 hours/week for this tutoring. Also, the increasing middle-class population is likely to spur business opportunities for the market in Asia Pacific.
Notable Development:
September 2019: Chegg, Inc., an American education technology company based in Santa Clara, California, announced that it has acquired Thinkful, an online learning platform offering professional courses in America.
The Report Lists the Key Companies in the Market:
• Chegg, Inc. (Santa Clara, U.S.)
• Ambow Education Holding Ltd. (Beijing, China)
• TAL Education Group (Beijing, China)
• Mathnasium LLC (Los Angeles, U.S.)
• Educomp Solutions Ltd. (Gurgaon, India)
• Sylvan Learning, LLC (Baltimore, U.S.)
• Daekyo Co., Ltd. (Seoul, South Korea)
• Kumon Institute of Education Co., Ltd. (Tokyo, Japan)
• Kaplan Inc. (New York, U.S.)
• Action Tutoring (London, U.K.